UPDATE 1-Liberia's new president orders review of concession agreements

Reuters Staff

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MONROVIA, Feb 14 (Reuters) - Liberia’s new President George Weah has ordered a review of concessions entered into by previous administrations, the presidency said in a statement on Wednesday.

Concessions generally cover government grants of rights, land or property.

The statement said a committee would “review and ensure that all contracts entered into by the government of Liberia and concessionaires are executed according to agreed principles in accordance with the laws of Liberia.”

The nine-member panel will also determine if the government’s partners in those agreements had been fully implemented and met their performance requirements.

During the 12-year rule of Weah’s predecessor, Ellen Johnson Sirleaf, the government attracted around $15 billion in foreign investment, according to a finance ministry report.

However, the West African nation has been criticised by watchdog groups for signing away much of its public land to logging, palm oil and natural rubber companies.

Sirleaf’s government sought to develop iron ore deposits and the offshore oil sector.